Tether Records $4.5B Profit in Q1 2024, Fueled by Bitcoin and Gold Gains
Tether Holdings, the issuer of Tether (USDT), reported a record net profit of $4.52 billion in Q1 2024, with $3.52 billion coming from market-to-market gains on Bitcoin and gold, and $1 billion from operating profits. The company's net equity reached $11.37 billion by March 31, a significant increase from the previous quarter. Tether's USDT remains the largest stablecoin, valued over $110 billion, with $12.5 billion issued in Q1. Additionally, the report highlighted a $1 billion increase in excess reserves, totaling just under $6.3 billion, to support stablecoin offerings. (Cointelegraph)
Securitize Raises $47M Led by BlackRock for RWA Tokenization
Securitize, a real-world asset (RWA) tokenization firm, has closed a $47 million funding round led by BlackRock, with investments from Hamilton Lane, ParaFi Capital, and Tradeweb Markets. The funding will fuel Securitize's expansion in leveraging blockchain for digitizing capital markets. BlackRock and Securitize previously collaborated to establish the BlackRock USD Institutional Digital Liquidity Fund, indicating a focus on RWA tokenization, where assets like equities and real estate are represented as tokens and traded on a blockchain. BlackRock's Joseph Chalom will join Securitize's board as part of the investment. (CoinDesk)
Katashe Solutions Spearheads Web3 Expansion in Southeast Asia
Katashe Solutions debuted its regional launch at Southeast Asia Blockchain Week, unveiling a new global practice in Singapore. Led by Katherine Ng, the firm focuses on web2 and web3 integration, emphasizing growth consulting and collaborative innovation. Recent partnerships with FILLiquid and DeGate highlight Katashe's role in advancing the DeFi ecosystem. Additionally, collaborations in identity management and community engagement underscore its commitment to impactful change in technology ventures. (BitPinas).
Hong Kong's Spot Crypto ETF Debut: Mixed Reception
Hong Kong's introduction of spot crypto ETFs saw varied reactions, with Bitcoin outperforming Ethereum on the first trading day. Notably, China Asset Management's Bitcoin ETF experienced a 1.53% increase, while its Ethereum counterpart dipped by 0.78%. Despite challenges for mainland Chinese investors, these ETFs enrich Hong Kong's market offerings, though experts offer mixed assessments of their impact. (Be in Crypto)
Elliptic Harnesses AI to Combat Bitcoin Money Laundering
Elliptic, a blockchain forensics firm, announces advancements in using artificial intelligence to detect bitcoin money laundering, detailed in a research paper co-authored with researchers from the MIT-IBM Watson AI Lab. Using deep learning models, Elliptic's enhanced detection tools can identify proceeds of crime, new money laundering transaction patterns, and previously-unknown illicit wallets. By focusing on 'subgraphs' instead of specific illicit actors, the approach enables a broader examination of the 'multi-hop' laundering process facilitated by blockchains, marking a significant step in combating financial crime in the crypto space. (The Block)
Redstone Network Launches for On-Chain Ethereum Games
Redstone, a new Ethereum scaling network, goes live, offering fully on-chain games and "autonomous worlds." Developed by Lattice and powered by Optimism's OP Stack scaling tech, Redstone aims to optimize blockchain-based gaming. By hosting game logic on-chain, it enables unique gaming experiences within Ethereum's ecosystem. This launch signals a significant advancement in decentralized gaming on Ethereum. (Decrypt)
